Altera maintains sales target, secures credit facility

MattAndrejczak

SAN FRANCISCO (MarketWatch) -- Altera Corp.
ALTR, +0.58%
in its midquarter update late Wednesday, stuck to its third-quarter revenue target. The chipmaker said revenue will be flat to up 3% from the three months ended June 29. This forecast puts Altera sales in the range of $319.7 million to $329.3 million. Separately, Altera said it secured a five-year $750 million unsecured credit facility. It plans to use $500 million of that credit line to fund repurchases of its common stock. San Jose, Calif.-based Altera designs chips that customers can program for specific purposes. The processors are used in a wide range of products such as Internet routers, mobile-phone base stations, flat-panel televisions and DVD players.

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